Section Sch2-12 — Property Law Act 2007: Power to enter into possession as mortgagee or to appoint receiver

12 Power to enter into possession as mortgagee or to appoint receiver If the mortgagor fails to pay any amounts secured by the mortgage on the due date, or fails to perform or observe any covenant expressed or implied in the mortgage, the mortgagee may— (a) enter into possession of the mortgaged land as mortgagee in any of the ways specified in section 137 of the Property Law Act 2007; or (b) appoint 1 or more receivers with the power to enter into possession of the mortgaged land as the agent of the mortgagor, and receive— (i) any rents or profits payable by a lessee or occupier of the land; and (ii) any income from any business carried on by the mortgagor on the land.